This is an excellent introduction to economics and the broad range of issues informed by economics for the non-professional but interested reader. It is clear and accessible and punctuated by a breezy, witty style, and without a single equation or graph for those terrified of numerical relationships. The economics presented in this book is mainstream economics as befitting a journalist for The Economist and makes points that would satisfy those right-of-center and those left-of-center. For conservatives, the author reminds us (like Milton Friedman did in "Capitalism and Freedom") that a heavily regimented economy would eventually come at a steep price in curtailed political / civil freedoms just to maintain the economic regimentation. In addition, the physical and human capital underlying productivity growth, and the economic self-interest that drives their application, are key components of economic well-being. On the other hand, liberals will appreciate his contention that government is a crucial catalyst for effective market functioning in that it provides (or can provide) a legal framework, a predictable regulatory regime, and a stable macroeconomic environment. Most of the national economic failures to which the author alludes are not the result of racial, ethnic, institutional, or cultural deficiencies but are simply a result of government incompetence and corruption (see Zimbabwe). And markets are not omniscient; we get the standard analysis for market prices not reflecting social costs / benefits (externalities) and the market's failure to produce public goods.
What I also liked about this volume was the way in which it extended economic analysis to many areas of social / human behavior, but then would go no further, i.e., the author recognizes that economic analysis informs much of our public policy debates but cannot settle value-laden issues. For example, in his chapter on "Productivity and Human Capital", subtitled "Why is Bill Gates so much richer than you", he acknowledges that economics can tell us about the production of income and the creation of wealth, but can't really tell us how that income and wealth should be distributed. (Some prominent economists are on record as claiming that distribution issues are irrelevant.) This book maintains that these value-oriented issues are determined in the political process as shaped by our religious, moral, and cultural backgrounds.
I enjoyed this book very much. But I would challenge the author on two points: (1) He asserts that social security is a "pyramid scheme." While pay-as-you-go financing may superficially resemble a pyramid scheme, there are fundamental differences that any actuary at the SSA could tell you. Pyramid schemes are inherently unsustainable because of the geometric progression of the pool of investors. A pay-as-you-go system does not require increasing multiples of later-round investors but simply a stable relationship between workers and beneficiaries. Long-term economic growth and population growth would contribute to its sustainability. Our current problems refer to the demographic "bulge" of the baby-boomers which should disappear with their passing, (2) With regard to intellectual property (IP) the author (no surprise) comes down strongly for long-term protection for IP as an inducement to its creation, as opposed to less stringent protection that encourages the dissemination and use of IP. Obviously, there's a trade-off between creation and dissemination, but the current stress on protection may inhibit economic growth and innovation. How many firms pay (or refuse to pay and thus not use the IP) royalties for the use of "patents" that many would consider belong in the public domain? Do we really need copyright protection for 70 years after the author's death? Just one man's opinion.
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Missing some pages, but i recommend the book
The book is a great intro to economics for laymen. However, my paperback copy was missing a lot of pages (163-194).
Top reviews from other countries
Sinduja
This book has made me appreciate Economics
Reviewed in India on September 1, 2016
CollectedReader
Thanks for making me that much smarter
Reviewed in Canada on July 8, 2013